Ethereum’s network metrics (ETH) are showing a new peak, with the daily transaction count divided into seven-digit territories
Today, on June 24, 2020, the total number of transactions confirmed by the Ethereum network (ETH) nodes in 24 hours has exceeded the one million level. It has exceeded a year’s highs and is now approaching the insane numbers of January 2018.
Picture of Etherscan
Note that the ETH price reached its ATH (historic high) at similar levels of network activity. On January 13, 2018, 1 ETH was worth $ 1,448, or almost 500% more than today.
Ethereum (ETH) investor and developer, Nick Cannon, is confused by the poor performance of the ETH market, which refuses to react to this process:
“ETH’s daily transactions exceeded 1 million for the first time since June last year. Mercado still sleeps with all this. ”
Asked about the possible reasons for the increase in this activity, Cannon revealed that this could be partially explained by the recent increase in the gas limit. He is not very excited about this decision by the Ethereum miners.
As covered by U.Today Crypto News, Vitalik Buterin, from the Ethereum Foundation, also criticized this novelty, as did most of the Ethereum developers. Prominent “Ethereans” are concerned about the increased vulnerability of the network.
Why is the market asleep?
Ethereum (ETH) markets are refusing to take off with this brilliant news. As revealed by Skew analysts yesterday, on June 23, 2020, Ethereum’s (ETH) volatility still does not exceed Bitcoin (BTC).
In addition, many analysts believe that the price of Ethereum (ETH) is on the verge of major change. Dutch crypto and stock trader Michael van de Poppe predicts ETH could gain 25% in a few weeks.
Meanwhile, ETH investor Ryan Sean Adams predicts that DeFi’s ongoing euphoria will result in ETH’s price progress. In addition, analyst Chris Burniske emphasizes that the fundamentals of Bitcoin (BTC) and Ethereum (ETH) are still strong and both have a bright future.